GE Pays Zero Taxes

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Here is the top story in today’s (3/25/11) New York Times, Dealbook: 

          “G.E. Avoids Paying Any Tax Last year, the nation’s largest corporation reported worldwide profits of $14.2 billion. Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.

          “A review of company filings and Congressional records shows that G.E. has lobbied for, won and taken advantage of tax breaks. Meanwhile, President Obama has designated G.E.’s chief executive, Jeffrey R. Immelt, as his liaison to the business community.”

           This is another good example of how businesses run our country for their benefit.  Corporations and wealthy people are paying a less than proportionate share of taxes needed to run government programs and operations.  Working people, most of whom pay taxes at a 25% or 28% rate, have far less ability to reduce their taxes or avoid them altogether. 

          To put this in context, our government is spending $1 trillion annually on “defense,” and borrowing to do it, while the majority of working taxpayers disapprove of the wars in Iraq and Afghanistan, and want their tax money spent here at home.  But they disproportionately pay for these wars, as corporations and very wealthy people find ways to avoid paying the taxes needed to wage them. 

          Meanwhile, representatives of corporations in Congress are working hard to eliminate from the federal budget the last vestiges of programs that provide independent media, educational opportunity, health care, and financial security for the middle class and poor people.  And multi-billionaires, pleased with their corporate successes so far, are openly seeking through control of state governments to gut middle class incomes and community programs, while introducing measures to reduce and eliminate the voices of ordinary people in the affairs of their governments.

          As we explain, it is because corporations and the wealthy elite won’t pay a fair level of taxes that federal debt has mushroomed out of control and the economy tanked.  But it’s no longer just a question of fairness: Going after what’s left of the middle class and American prosperity as they are doing simply makes further decline and an eventual depression inevitable.

           There is no alternative for the bottom 99% – none at all – except to organize, fight back, and vote out of office all Republicans or Democrats that are not willing to fight tooth and nail for them and for their survival.  

JMH – 3/25/11

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One Response to GE Pays Zero Taxes

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